G-20 Heads Endorse Global Tax Accord, Capping Years of Talks (1)

Leaders of the world’s biggest economies formally backed an ambitious plan to overhaul the way countries tax multinational companies in a bid to stem competition for the lowest rates.

All of the leaders at a Group of 20 summit in Rome endorsed the new rules on Saturday, “including a global minimum tax that will end the damaging race to the bottom on corporate taxation,” U.S. Treasury Secretary Janet Yellen said in a statement.

A senior U.S. administration official, traveling with President Joe Biden, earlier called the plan a historic reshaping of the rules for the global economy that will ...